Binance, TerraClassicUSD and Tether USD (USTC/USDT) announced that it will add the trading pair. This development comes three weeks after Binance CEO Changpeng “CZ” Zhao acknowledged that the UST has the right vision but is poorly implemented.
The exchange announced its plans to list in an official press release today. According to the press release USTC/USDT Trading for the pair will start at tomorrow hour.
The development has been enthusiastically received by the Terra Classic community. Rex “Rexyz” Harrison in particular noted the announcement that it was “very positive” for the Terra ecosystem. stated.
🚨 Massive breaking news 🚨
This is very positive for #TerraClassic. Mr Diamond hands @cz_binance has approved @binance to add trading pairs for $USTC / $USTD ❤️. Thank you CZ. https://t.co/voYAhb489wNEWS CONTINUES BELOW— Rexyz (@RexYellerBelly) March 9, 2023
Changpeng Zhaoannounced that the exchange will consider other stablecoin options due to the actions of US regulators against Binance USD (BUSD), the local stablecoin issued by Paxos.
We are exploring others, and non-USD based stablecoins.
— CZ 🔶 Binance (@cz_binance) February 13, 2023
We would like to point out that the only USTC pair offered by Binance is BUSD/USTC. Given that the New York State Department of Financial Services (NYDFS) has ordered Paxos to cease printing BUSD. Therefore, even if the stablecoin market cap drops, it will likely go out of use. The pairing of USTC with USDT is positive news.
PaxosFollowing UST’s decision to cease issuing new BUSD from February 21, a popular name claimed that UST had the right vision, but Terraform Labs had implemented it poorly. In response, CZ stated that this claim is sad but true. USTC gained value after these comments.
As a result, this news is very positive in addition to the community’s effort to revive the stablecoin. USTC, on the other hand, rose to $ 0.02454 after the Binance news.
You can follow the current price action here.
Source : The Crypto Basic